LONDON (Alliance News) - ULS Technology PLC, which provides online platforms for the UK conveyancing and financial intermediary markets, on Thursday reported an improved operating performance on the way to generating higher first-half pretax profit, and said it will pay an interim dividend of 1.05 pence per share.
Pretax profit rose to GBP1.5 million in the six months ended September 30, compared with GBP34,000 in the corresponding half the prior year, primarily because exceptional administrative expenses fell to GBP204,000 from the GBP1.3 million booked in relation to the company's initial public offering in July 2014.
Revenue increased to GBP9.8 million from GBP8.2 million, while administrative expenses excluding exceptional items increased to GBP2.5 million from GBP1.4 million.
"This increase in revenue reflects both organic growth, realised through securing new conveyancing agreements, as well as the first six months' contribution from Legal Eye, which was acquired towards the end of the last financial year," Chief Executive Ben Thompson said in a statement.
"Looking into the second half of the year, market conditions appear stable, as affordability constraints and increasing regulation are offset by increasing housing construction levels and increasing re-mortgage activity levels. We also have a growing pipeline of new business relationships," Thompson said.
Shares in ULS were up 3.1% at 66.50 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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